K2 PRINCIPAL FUND, L.P.

PrivateCIK: 1461790

Location

TORONTO, A6

453

Positions

$1.43B

Total AUM (reported)

58.19M

Total Shares

Allocation by class

COM$160.33M11.2%

GOLD SHS$124.01M8.7%

TR UNIT$84.35M5.9%

ORD SHS CL A$30.42M2.1%

NOTE 3/0$29.40M2.1%

CL A$27.57M1.9%

COM CL A$23.13M1.6%

Portfolio Concentration

Top 3$231.33M16.2%

4–10$115.67M8.1%

11–25$190.61M13.3%

Rest$894.55M62.5%

Top 3 weight

16.2%

Top 10 weight

24.2%

Voting Authority Distribution

Total shares with voting rights: 58.19M

Sole

Full voting authority

58.19M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole453

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings453

Rows:

SPDR GOLD TR

SOLE

GOLD SHS

Shares288.20K

TypeSH

Market value$124.01M

8.66%

Sole

288.20K

Shared

0.00

None

0.00

STATE STR SPDR SP 500 ETF T

SOLE

TR UNIT

Shares129.70K

TypeSH

Market value$84.35M

5.89%

Sole

129.70K

Shared

0.00

None

0.00

ISHARES TR

SOLE

RUSSELL 2000 ETF

Shares92.64K

TypeSH

Market value$22.97M

1.60%

Sole

92.64K

Shared

0.00

None

0.00

VANECK ETF TRUST

SOLE

JUNIOR GOLD MINE

Shares172.50K

TypeSH

Market value$20.71M

1.45%

Sole

172.50K

Shared

0.00

None

0.00

ISHARES SILVER TR

SOLE

ISHARES

Shares284.40K

TypeSH

Market value$19.38M

1.35%

Sole

284.40K

Shared

0.00

None

0.00

GLOBAL X FDS

SOLE

GLOBAL X COPPER

Shares204K

TypeSH

Market value$15.58M

1.09%

Sole

204K

Shared

0.00

None

0.00

AST SPACEMOBILE INC

SOLE

2.375 10/15/32 CVT

Shares10.50K

TypePRN

Market value$15.57M

1.09%

Sole

10.50K

Shared

0.00

None

0.00

PAR TECHNOLOGY CORP

SOLE

4.000 03/15/31 CVT

Shares14.50K

TypePRN

Market value$15.04M

1.05%

Sole

14.50K

Shared

0.00

None

0.00

SOLARIS ENERGY INFRAS INC

SOLE

NOTE 0.25010/0

Shares12K

TypePRN

Market value$15.00M

1.05%

Sole

12K

Shared

0.00

None

0.00

GAMESTOP CORP

SOLE

04/01/30 CVT PUT

Shares14K

TypePRN

Market value$14.40M

1.01%

Sole

14K

Shared

0.00

None

0.00

GOLAR LNG LTD

SOLE

2.750 12/15/30 CVT

Shares12K

TypePRN

Market value$14.27M

1.00%

Sole

12K

Shared

0.00

None

0.00

TRIPADVISOR INC

SOLE

0.250 04/01/26 CVT

Shares14K

TypePRN

Market value$13.97M

0.98%

Sole

14K

Shared

0.00

None

0.00

VEECO INSTRS INC DEL

SOLE

NOTE 2.875 6/0

Shares9.96K

TypePRN

Market value$13.84M

0.97%

Sole

9.96K

Shared

0.00

None

0.00

JETBLUE AIRWAYS CORP

SOLE

0.500 04/01/26 CVT

Shares13.82K

TypePRN

Market value$13.80M

0.96%

Sole

13.82K

Shared

0.00

None

0.00

CLOUDFLARE INC

SOLE

06/15/30 CVT

Shares12K

TypePRN

Market value$13.63M

0.95%

Sole

12K

Shared

0.00

None

0.00

RAYONIER ADVANCED MATLS INC

SOLE

COM

Shares1.17M

TypeSH

Market value$12.90M

0.90%

Sole

1.17M

Shared

0.00

None

0.00

STRATEGY INC

SOLE

NOTE 12/0

Shares15K

TypePRN

Market value$12.57M

0.88%

Sole

15K

Shared

0.00

None

0.00

KENNEDY-WILSON INC

SOLE

4.750 02/01/30 '26

Shares12.20K

TypePRN

Market value$12.27M

0.86%

Sole

12.20K

Shared

0.00

None

0.00

INVESCO QQQ TR

SOLE

UNIT SER 1

Shares21K

TypeSH

Market value$12.12M

0.85%

Sole

21K

Shared

0.00

None

0.00

FREEPORT MCMORAN INC

SOLE

CL B

Shares206K

TypeSH

Market value$12.11M

0.85%

Sole

206K

Shared

0.00

None

0.00

WIX LTD

SOLE

09/15/30 CVT

Shares14.50K

TypePRN

Market value$12.04M

0.84%

Sole

14.50K

Shared

0.00

None

0.00

CERENCE INC

SOLE

NOTE 1.500 7/0

Shares13.75K

TypePRN

Market value$11.98M

0.84%

Sole

13.75K

Shared

0.00

None

0.00

ISHARES TR

SOLE

IBOXX HI YD ETF

Shares150K

TypeSH

Market value$11.93M

0.83%

Sole

150K

Shared

0.00

None

0.00

LUCID GROUP INC

SOLE

1.250 12/15/26 CVT

Shares12.50K

TypePRN

Market value$11.77M

0.82%

Sole

12.50K

Shared

0.00

None

0.00

DROPBOX INC

SOLE

NOTE 3/0

Shares12K

TypePRN

Market value$11.40M

0.80%

Sole

12K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
SPDR GOLD TRSOLE	GOLD SHS	288.20K	SH	$124.01M 8.66%	288.20K
STATE STR SPDR SP 500 ETF TSOLE	TR UNIT	129.70K	SH	$84.35M 5.89%	129.70K
ISHARES TRSOLE	RUSSELL 2000 ETF	92.64K	SH	$22.97M 1.60%	92.64K
VANECK ETF TRUSTSOLE	JUNIOR GOLD MINE	172.50K	SH	$20.71M 1.45%	172.50K
ISHARES SILVER TRSOLE	ISHARES	284.40K	SH	$19.38M 1.35%	284.40K
GLOBAL X FDSSOLE	GLOBAL X COPPER	204K	SH	$15.58M 1.09%	204K
AST SPACEMOBILE INCSOLE	2.375 10/15/32 CVT	10.50K	PRN	$15.57M 1.09%	10.50K
PAR TECHNOLOGY CORPSOLE	4.000 03/15/31 CVT	14.50K	PRN	$15.04M 1.05%	14.50K
SOLARIS ENERGY INFRAS INCSOLE	NOTE 0.25010/0	12K	PRN	$15.00M 1.05%	12K
GAMESTOP CORPSOLE	04/01/30 CVT PUT	14K	PRN	$14.40M 1.01%	14K
GOLAR LNG LTDSOLE	2.750 12/15/30 CVT	12K	PRN	$14.27M 1.00%	12K
TRIPADVISOR INCSOLE	0.250 04/01/26 CVT	14K	PRN	$13.97M 0.98%	14K
VEECO INSTRS INC DELSOLE	NOTE 2.875 6/0	9.96K	PRN	$13.84M 0.97%	9.96K
JETBLUE AIRWAYS CORPSOLE	0.500 04/01/26 CVT	13.82K	PRN	$13.80M 0.96%	13.82K
CLOUDFLARE INCSOLE	06/15/30 CVT	12K	PRN	$13.63M 0.95%	12K
RAYONIER ADVANCED MATLS INCSOLE	COM	1.17M	SH	$12.90M 0.90%	1.17M
STRATEGY INCSOLE	NOTE 12/0	15K	PRN	$12.57M 0.88%	15K
KENNEDY-WILSON INCSOLE	4.750 02/01/30 '26	12.20K	PRN	$12.27M 0.86%	12.20K
INVESCO QQQ TRSOLE	UNIT SER 1	21K	SH	$12.12M 0.85%	21K
FREEPORT MCMORAN INCSOLE	CL B	206K	SH	$12.11M 0.85%	206K
WIX LTDSOLE	09/15/30 CVT	14.50K	PRN	$12.04M 0.84%	14.50K
CERENCE INCSOLE	NOTE 1.500 7/0	13.75K	PRN	$11.98M 0.84%	13.75K
ISHARES TRSOLE	IBOXX HI YD ETF	150K	SH	$11.93M 0.83%	150K
LUCID GROUP INCSOLE	1.250 12/15/26 CVT	12.50K	PRN	$11.77M 0.82%	12.50K
DROPBOX INCSOLE	NOTE 3/0	12K	PRN	$11.40M 0.80%	12K

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